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AAPT and Telecom New Zealand have been crowing recently that the association of the two companies has yielded several new contracts for AAPT. But the new contracts only yielded about $6m in annual revenues. That's small fry for AAPT, whose 1998/99 revenues were $751m. We suspect Telecom New Zealand wanted to show its shareholders that they were getting value for money from the AAPT shareholding, which has declined by over 50% since AAPT's March 2000 highs. AAPT is a fast-growing company that we favour, but, alas the stock has yet to stabilise. As in our...

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